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Maiden Holdings Ltd. 6.625% Notes due 2046 (MHLA-0.36%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's strategic shift away from underwriting prospective reinsurance risks, focusing instead on managing and allocating assets and capital in the insurance and related financial services industries. The company has also entered into agreements to divest its Swedish subsidiaries, Maiden Life Försäkrings AB and Maiden General Försäkrings AB.
The company reported a net loss of $200.969 million for 2024, compared to a net loss of $38.569 million in 2023. This was largely due to adverse prior year reserve development of $154.4 million, primarily within the AmTrust Reinsurance segment.
Net premiums written increased by 42.7% to $33.063 million in 2024, driven by growth in Credit Life programs. However, net premiums earned in the AmTrust Reinsurance segment decreased by 8.3% due to the run-off of terminated reinsurance contracts.
Net investment income decreased to $25.546 million in 2024 from $37.378 million in 2023, primarily due to lower interest income from the funds withheld balance with AmTrust, which was fully utilized during the year.
The company's alternative investment portfolio decreased by 18.6% in 2024, with net realized and unrealized investment gains of $5.610 million, reflecting a strategic shift to reposition the balance sheet and enhance liquidity.
Maiden Holdings has entered into a combination agreement with Kestrel Group LLC to form a new publicly listed specialty program group, expected to close in the first half of 2025, subject to regulatory approvals.
The company's statutory capital and surplus for Maiden Reinsurance exceeded the required amounts, and it maintained compliance with regulatory capital requirements in its operating jurisdictions.
Maiden Holdings' liquidity position remains adequate to meet its cash requirements, with unrestricted cash, cash equivalents, and fixed maturity investments totaling $75.0 million at year-end 2024.
The company continues to focus on strategic initiatives to enhance shareholder value, including capital management activities such as share repurchases and exploring finality solutions for reinsurance liabilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Maiden Holdings Ltd. 6.625% Notes due 2046 annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.